Sumit Bali has surrendered as the Chief Executive Officer (CEO) of IIFL Finance to seek after other profession openings, and Nirmal Jain, Executive Chairman, will assume control over the duties of the CEO.
In a stock trade recording the organization said that Sumit Bali has resigned as the Chief Executive Officer ("CEO") of the Company to seek after other vocation openings. His acquiescence has been acknowledged by the Board of Directors and he will be diminished from the administrations w.e.f. the end of business hours on June 30, 2020. The Board places on record its gratefulness for the important commitments made by Mr. Bali during his residency and wish him the absolute best in his future undertakings.
The organization likewise said that on the suggestion of the Board of Directors, Nirmal Jain, Executive Chairman, has consented to assume control over the obligations of the CEO to supervise the administration and undertaking of the organization.
Before joining IIFL, he was working with Kotak Mahindra Bank as Senior Executive Vice President. As the Senior Executive Vice President, he was dealing with a general book size of over Rs. 54,000 crores. He has assumed this liability four years back in April, 2014. Preceding this he filled in as the CEO of Kotak Mahindra Prime Limited from October 2005 to April 2014.
His huge administration involvement with Kotak will prove to be useful for his new job at IIFL, as he assumes on the liability of driving the NBFC towards development.
Bali is a former student of IIM Ahmedabad where he has done his MBA from, and he additionally holds a graduation degree Math from St Stephen's College, Delhi University.